Aims to anticipate market behavior by using a combination of Elliott Wave, Fibonacci and Technical analysis.

Sunday, November 15, 2009

Gold

Gold is the flavour of the month with Gold news being pervasive in the media, forums and by the analysts, hence a top may be at hand.

Back in February I posted a few charts on ASF on the GOLD thread and indicated that it appeared a wave (4) was unfolding, possibly as a flat.

This would mean one last push to new highs would complete 5 waves up.

Well, wave (4) has completed (as a triangle) and wave (5) is underway. The second chart below shows a narrow wave (4) triangle and a thrust upwards out. Under these conditions, caution is required for those buying into the GOLD hype that is evident in today's markets.

A push to US$1200 or a little over would make wave (5) equal to wave (1).

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